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As the US election between Trump and Harris heats up, BYD is strategically holding off on its Mexico EV plant announcement, signaling the high stakes of this political contest for global business.
BYD Waits for US Election Results
BYD will not announce plans for a new facility in Mexico until after the US election when the company will know whether former President Donald Trump or Vice President Kamala Harris wins. Electrek discloses that a new report states that BYD is postponing the big announcement in order to await the verdict.
After achieving yet another sales record last month, China's leading EV manufacturer maintained its upward trajectory. Record sales for BYD continued in August for the third month in a row.
1 Million EVs Sold in 2024
Last month, BYD sold an additional 145,627 electric cars, bringing its total EV sales for 2024 to over 1 million. The number of electric vehicles sold by BYD has increased by 13% so far this year.
The world's largest electric vehicle market—China—continues to contribute significantly to the growth. But momentum will increase up internationally, according to BYD. Nearly 265,000 vehicles have been sold worldwide by BYD. That figure is expected to increase rapidly by BYD as it introduces new models in expanding electric vehicle markets like as Europe, Brazil, and Thailand.
BYD’s Strategy for Global Growth
Opening multiple additional locations outside of China for local manufacturing is part of BYD's strategy to accelerate growth.
In July, BYD inaugurated its inaugural facility in Thailand. It is also preparing to open offices in Mexico, Brazil, Turkey, and Pakistan.
Mexico Investment Delayed Until Post-Election
The planned investment in Mexico may not be officially announced until after the US election, according to a recent Bloomberg report.
Reports indicate that BYD will hold off on making any big announcements until after the election, according to those in the know. Despite allegedly evaluating three places, BYD has reportedly ceased its search until further notice.
The decision has not been finalized, and BYD would prefer to wait to see who the next US president is. As a result, plans may alter.
Guadalajara Considered for New Facility
One of the locations being considered, Guadalajara, was reportedly visited by BYD executives in March. Stella Li, BYD's senior vice president, accompanied the Dolphin Mini launch ceremony in Mexico City.
Investors in electric vehicles are flocking to Mexico. Sales at home are predicted to skyrocket, and the nation will play a pivotal role in exports. Manufacturing electric vehicles in Mexico is in the works for Stellantis, Tesla, Kia, and BMW.
